The world of digital coins continues to grow at rapid pace, with one particular coin rising 111 per cent in its best ever week
Known as the ‘DogeCoin Killer’ – SHIB coin continues to shake up the world of cryptocurrency.
According to CoinGecko, the cryptocurrency hit a record of US$0.00008088 – which is an improvement of 140 million per cent compared to its low last year in November.
While the current price might not seem like much – it is a massive rise since the coin first listed in August 2020 at US$0.000000000972.
Shiba Inu Coin was created in August 2020, and has gained popularity around the world – particularly within India.
Created by an anonymous person who called themselves “Ryoshi” – the digital coin was intended to be a spin-off of dogecoin.
SHIB is now rivalling its predecessor for market cap after breaking the $US30 billion barrier.
The digital currency coin features the Japanese dog as its mascot, and is now nipping at the heels of Dogecoin, which sits in 10th place among cryptocurrencies for market cap at $US31 billion.
Much of the spike is credited to rumours about the coin being listed on trading platform Robinhood
Those rumours have ironically seen SHIB reach a bigger market cap than Robinhood — which is at US$30 billion.
The rumours have seen SHIB’s price rise drastically in recent weeks.
Robinhood hasn’t yet listed the coin, although had sent a survey to users on Monday, asking which cryptocurrencies they trade and included shiba inu as an option.
How Elon Musk landed Time’s ‘Person of the Year’
Tesla Chief Executive Officer, Elon Musk has been named Time magazine’s “Person of the Year” for 2021
It’s been a big year for Musk, whose electric car company became the most valuable carmaker in the world and his rocket company soared to the edge of space with an all-civilian crew.
The 50-year-old is also the founder and CEO of Space-X, and leads brain-chip startup Neuralink and infrastructure firm The Boring Company.
Tesla’s market value soared to more than $1 trillion U-S this year, making it more valuable than Ford Motor and General Motors combined.
‘Time’ has described Musk as “the man who aspires to save our planet and get us a new one to inhabit”.
Bitcoin falls 9.2% to $48,782
It’s been a wild weekend for Bitcoin, dropping 9.29% to $48,752.15, losing $4,991.54 from its previous close.
Bitcoin, the world’s biggest and best-known cryptocurrency, is down 29.3% from the year’s high of $69,000 on November 10.
Ether, the coin linked to the ethereum blockchain network, dropped 3.61% to $4,070.52 on Saturday, losing $152.28 from its previous close.
The downward spiral for Bitcoin began oSaturday morning before gathering momentum after late-afternoon selling.
Between Friday evening and late Saturday afternoon Saturday, bitcoin fell from $US56,740 to $US44,800.
As of Sunday afternoon, Bitcoin was nine per cent lower than the previous week.
Bitcoin is notoriously volatile but jumped in value in the last year.
Concerns about the Omicron variant’s effect on the global economy have continued, with an International Monetary Fund official warning that new Covid-19 outbreaks would “dent confidence, and in that sense, we are likely to see some downgrades of our October projections for global growth”.
Is Twitter Changing its Name?
Just days after Jack Dorsey resigned for the second time as CEO of Twitter, his other company, Square, is getting a name change
The parent company of Cash App and Tidal will now go under the new corporate name of “Block”.
Other individual businesses owned by Block, referred to by the company as “building blocks”, will keep their original names except for the company’s Square Crypto initiative.
Square Crypto, whilst keeping it’s ticker name of SQ on the stock exchange, will be renamed as Spiral.
These name changes follow Dorsey’s well known interest in cryptocurrency, with the business having $220 million in bitcoin in its treasury according to the Wall Street Journal.
This contributes to Dorsey, who Forbes estimates to be worth $10.8 billion, as being one of the most influential cryptocurrency advocates worldwide.
Square’s name change comes just over a month after Mark Zuckerberg rebranded Facebook group to Meta.
Square’s business involves payment systems such as banking products for retailers as well as those small square card readers you see at some vendors.
The company’s name change is therefore is simply the introduction of a new corporate name to “tie” the company’s building blocks together.
There will be no organisational change as a result of the name change which is expected to go legally into effect around December 10th..
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